Early in the American session, Bitcoin is trading around 46,729 above the 21 SMA and bouncing after it reached a daily high of around 47,673 yesterday, a level that coincided with the top of the uptrend channel. From there, it made a strong technical correction that coincided with the bottom of the uptrend channel.
This makes us think that Bitcoin still has the possibility of a further rise in the coming days. For this, the key could be to buy at support levels or while trading within the bullish trend channel.
In the next few hours, we expect Bitcoin to continue rising but for this, it should consolidate above 6/8 Murray (46,875). Then, it could reach the previous high of 47,668. If the bullish force prevails, it could reach 7/8 Murray at 48,437.
On the other hand, in case Bitcoin falls below the 21 SMA and consolidates below $46,000, we could expect a technical correction since a break could occur in the uptrend channel and the instrument could reach 5/8 Murray located at 45,835 and even reach 200 EMA at 44,970, the psychological level of $45,000.
We believe that Bitcoin still has bullish potential as we observe that the eagle indicator is giving a positive signal. So, BTC is likely to rise until the price finds a strong resistance zone around 47,000 or 48,500.
According to the technical chart, we could buy at the current price levels of around 46,779, with targets at 47,400, 47,800, and 48,437. On the other hand, because this instrument is very volatile, we could always consider the risks involved in operating this asset. Thus, we should admit the loss if the price leaves the technical levels we have mentioned.